In an interview to , Saudi ambassador Dr Saud bin Mohammed Al Sati also said that Saudi Arabia made investments worth USD 2.81 billion in India in 2020 and is looking at a greater momentum in bilateral economic ties in areas like petroleum, renewable energy, IT and artificial intelligence.
With traders positioning ahead of the long Memorial Day holiday weekend, oil futures on the New York Mercantile Exchange erased an early advance to settle the final session of May lower while July Brent crude on the Intercontinental Exchange eked out a modest gain at expiration.
Read more about Brent nudges towards $70 a bbl on rosy US data, oil demand outlook on Business Standard. US inflation data will be released later in the day on Friday
3 Min Read
LONDON (Reuters) - Oil prices were little changed on Friday, with Brent holding near $70 a barrel as strong U.S. economic data and expectations of a rebound in global demand offset concerns about more supply from Iran once sanctions are lifted.
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo
Brent was up 8 cents, or 0.1%, to $69.54 a barrel by 0902 GMT, while U.S. West Texas Intermediate crude rose 11 cents, or 0.2%, to $66.96 a barrel.
”Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the psychologically important $70 per barrel mark,” said Commerzbank analyst Eugen Weinberg.